In a recent update from Foresight News, the Financial Secretary of Hong Kong, Paul Chan, highlighted the city’s dedication to adopting innovative and well-balanced regulatory measures for Web3 technologies. During the “2025 Hong Kong Web3 Carnival” conference, Chan revealed that legislation pertaining to stablecoins is on the verge of approval. Moreover, Hong Kong is planning to introduce compliance licenses for services like over-the-counter trading and custody activities. Additionally, the city is preparing to issue a second statement on the progress of virtual assets development within the year.
The Future of Web3 Regulation in Hong Kong
This progressive move by Hong Kong indicates a significant step towards embracing the potential of Web3 technologies while ensuring a secure and regulated environment for financial activities within the digital realm.
Key Highlights of the Announcement
With the impending approval of stablecoin-related legislation, Hong Kong aims to provide a clear framework for businesses and investors operating in the digital asset space. The introduction of compliance licenses for crucial activities like over-the-counter trading and custody services signifies the city’s proactive stance in mitigating risks and ensuring transparency.
What to Expect Next
As Hong Kong gears up to release a follow-up statement on virtual asset development, stakeholders and industry players are eagerly anticipating further insights into the city’s regulatory roadmap. The upcoming guidelines are expected to shed light on the evolving landscape of virtual assets and the regulatory measures aimed at fostering growth and innovation.
Join the Conversation
What are your thoughts on Hong Kong’s advancement in Web3 regulation and stablecoin legislation? Do you believe these initiatives will positively impact the digital asset ecosystem? Share your opinions below!
#Web3 technology regulation, #Hong Kong stablecoin legislation, #virtual assets development trends